Sandy set to cost (re)insurers $5bn-$10bn, says Eqecat
Modelling agency Eqecat has estimated that Hurricane Sandy could cause $5bn-$10bn in insured losses and $10bn-$20bn in total economic damages, which at the upper bounds would place it on the cusp of becoming a significant reinsurance loss.
Major primary US insurers typically retain losses up to a $10bn industry event threshold, Validus CEO Ed Noonan said on an earnings call on Friday (26 October), although he suggested that some regional insurers could pass on losses from a lower level.
He...
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